NB Power rate increase set at 1.6%
CBC News | Posted: September 30, 2015 10:49 AM | Last Updated: September 30, 2015
Energy and Utilities Board didn't feel request for 2% hike was reasonable
NB Power rates will be going up 1.6 per cent starting Thursday.
The Energy and Utilities Board set the rate increase in a decision released Monday.
NB Power had been seeking an increase that would generate an extra $20.4 million in revenue this year and calculated a two per cent increase on July 1 would hit that target.
However, in an interim decision by the EUB on Sept. 10, the utility was ordered to reduce that increase by $4 million.
In addition, the utility says starting the increase on Oct. 1, three months later than planned, will cost it another $4 million.
After reviewing additional documentation provided by NB Power, the EUB determined a rate increase of 1.6 per cent was justified and reasonable.